Amid tensions between Maldives and India, the Directorate General of Foreign Trade on Monday issued a notification imposing port restrictions for export of essential commodities to the island nation during the fiscal year 2024-25.
The notification, issued under the Foreign Trade (Development & Regulation) Act, 1992, incorporates specific conditions for exporting essential commodities under the prohibited/restricted category to Maldives.
Export of essential commodities falling under the prohibited/restricted category to Maldives will now be permitted only through four designated Customs Stations which include Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port (JNPT), and ICD Tughlakabad.
The move comes as part of the bilateral trade agreement between the Government of India and the Government of Maldives.
"Development & Regulation Act, 1992 (No. 22 of 1992), as amended, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP), 2023, the Central Government paragraph 1. hereby incorporates following conditions in Notification No. 03/2023 dated 05. .04.2024 for exporting of essential commodities to Maldives under bilateral trade agreement between Government of India and Government of Maldives," DGFT said.
Earlier on April 5, India had removed the restrictions on export of specified quantity of nine products including potatoes, onions, eggs, rice, wheat flour and sugar to Maldives for the current fiscal year.
Source Name : Economic Times